An Introduction to Cost Terms and Purposes Cost of goods manufactured, income statement, manufacturing company Consider the following account balances for the Carolina Corporation: Free work cells Answer cells Carolina Corporation Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Plant utilities Beginning of 2017 End of 2017 136,400 76,650 190,300 152,250 264,000 216,300 275,100 227,850 101,850 9,450 47,250 27,300 Repairs and maintenance-plant 12,600 Production equipment leasing costs 68,250 Marketing, distribution, and customer-service costs 131,250 General and administrative costs 74,550 Revenues 1,365,000 1. Prepare a schedule for the cost of goods manufactured in 2017. Carolina Corporation Schedule of Cost of Goods Manufactured Year Ended December 31, 2017 Direct materials costs: Purchases of direct materials Direct materials used Direct manufacturing labor costs Manufacturing overhead costs: Total manufacturing overhead costs Manufacturing costs incurred during 2017 Beginning Work-in-process inventory Total manufacturing costs to account for (TMC incurred + Beginning WIP) Ending Work-in-process inventory Cost of goods manufactured